Start by adding the chicken broth or water to the bottom of the Instant Pot.
Place the frozen chicken breasts in the pot, stacking them if necessary.
Drizzle the olive oil over the chicken, if using, and sprinkle the garlic powder, onion powder, paprika (if using), salt, and pepper evenly over the chicken.
Secure the lid on the Instant Pot, ensuring the steam release valve is set to the sealing position.
Select the 'Manual' or 'Pressure Cook' button and set the time for 20 minutes.
Once the cooking time is complete, let the Instant Pot naturally release pressure for 5 minutes, then switch the steam release valve to venting.
When all the pressure has been released, carefully open the lid and use tongs to remove the chicken breasts.
Let the chicken rest for a few minutes before slicing or shredding it. Serve as desired.